Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Midea Real Estate (3990 HK): Ex-In-Specie, The Rump Is Rich

Quiddity Advisors

Event-Driven

Midea Real Estate Holding  / Event-Driven

<ul>
<li>Back on the 23 June 2024, property developer <strong><a href="https://www.smartkarma.com/entities/midea-real-estate-holding-ltd" target="_blank" data-smartkarma-citation="entities:27450:1" rel="noopener">Midea Real Estate Holding (3990 HK)</a></strong> announced the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0623/2024062300057.pdf" target="_blank" rel="noopener">in-specie distribution of its core ops</a>, either in unlisted scrip, or HK$5.90/share in cash.</li>
<li>The in-specie involved distributing 97.8% of Midea's assets (involved in property development and sales); accounting for 95% of revenue and ~91% of profit. All figures as at FY23.</li>
<li>Midea went ex yesterday, closing down just HK$4.87/share. Midea, ex-in-specie, is currently trading at a trailing 0.6x P/B, and 2.3x PER. Pricing looks full.</li>
</ul>


Back on the 23 June 2024, property developer Midea Real Estate Holding (3990 HK) announced the in-specie distribution of its core ops, either in unlisted scrip, or HK$5.90/share in cash.
The in-specie involved distributing 97.8% of Midea's assets (involved in property development and sales); accounting for 95% of revenue and ~91% of profit. All figures as at FY23.
Midea went ex yesterday, closing down just HK$4.87/share. Midea, ex-in-specie, is currently trading at a trailing 0.6x P/B, and 2.3x PER. Pricing looks full.


Midea Real Estate (3990 HK): Now Trading Ex-In-Specie